CPO settled down -0.4% at 547.3 on tracking weak global cues on speculation of lower exports from Malaysia and Indonesia. Indonesia's and Malaysia's exports are likely to decline 4% in 2014 due to poor production growth, higher domestic consumption of bio-diesel and lower international demand due to higher palm-oil prices. Malaysian palm oil stocks inched up to a three-month high in April as output of the tropical oil continued to rise, a survey ahead of official data showed, with a pick up in export demand checking a greater rise in inventories. Production was seen at a median of 1.53 million tonnes, up 2.4 percent, and the highest level since December 2013. The Malaysian Palm Oil Association, a group of growers, has estimated that palm oil output in April rose about 3.4 percent to a similar 1.55 million tonnes, according to a MPOA official. Indonesia's palm oil output is expected to exceed 28 million tonnes this year, industry groups said, adding any impact from the El Nino weather phenomenon forecast for this year is unlikely to affect production until 2015. Malaysia palm oil exports fell 6% to 722,170 tons in Apr 1-20 compared to 767,785 tons for the same period a month ago, data from Intertek a private surveyor showed. Technically market is under long liquidation as market has witnessed drop in open interest by -2.43% to settled at 2409 while prices down -2.2 rupee, now CPO is getting support at 542.5 and below same could see a test of 537.7 level, And resistance is now likely to be seen at 552.7, a move above could see prices testing 558.1.

Trading Ideas:

CPO trading range for the day is 537.7-558.1.

CPO settled down on tracking weak global cues on speculation of lower exports from Malaysia and Indonesia.

Indonesia's and Malaysia's exports are likely to decline 4% in 2014 due to poor production growth, and lower international demand.

Malaysian palm oil stocks inched up to a three-month high in April as output of the tropical oil continued to rise, a survey showed.

Crude palm oil prices in spot market dropped by 2.90 and settled at 549.30 rupees.